Donald Trump, the Republican candidate for President of the United States, met with some twenty oil executives at his residence in Mar-a-Lago, Florida. Among them were representatives from Venture Global, Cheniere Energy, Chevron and Exxon. During the meeting, Trump pledged to reverse Joe Biden’s energy policies, including ending the freeze on liquefied natural gas (LNG) export permits. He also pledged to lift restrictions on oil drilling in Alaska’s Arctic. The New York Times and Washington Post have confirmed that the former president called on these executives to contribute $1 billion to his campaign.
Biden’s energy policy versus Trump’s
Joe Biden, in 2022, adopted a vast energy transition plan that cleaned up the air and water while creating jobs, in cohesion with theParis Agreement. Republicans, led by Trump, take a radically opposite view, denying climate change and defending the interests of the oil industry. The former president also wants to tender for oil drilling in the Gulf of Mexico, cancelling restrictions on drilling in Alaska’s Arctic. According to Evergreen Action, an environmental association, Trump’s attitude is reminiscent of a “cartoon villain” ready to liquidate the planet’s future for a check. A press release from the environmental association Evergreen Action points out that:
“Donald Trump is acting like a cartoon villain, offering to liquidate the future of the planet for a check for a billion dollars.” Adding, “Over the past four years, America has made historic progress on climate change, resulting in job creation and cleaner air and water across the country.”
For her part, a spokeswoman for Donald Trump, reacted with these words:
“Joe Biden is controlled by environmental extremists who are trying to implement the most radical energy program in history and force Americans to buy electric vehicles they can’t afford.”
Impact on the US energy market
If Trump is elected, energy markets will undergo major changes. The administration would probably reinstate concessions for oil drilling in the Gulf of Mexico, favoring the LNG industry. He would also seek to reduce the environmental policies implemented by Biden. This could potentially open the door to a revival of the traditional fossil fuel industry, to the detriment of America’s environmental commitments.
Trump and Biden’s contrasting visions for energy and the environment are defining the future of the US energy market. Trump’s promise to favor the oil industry against Biden’s policies, deemed too extremist, is deeply polarizing the debate. Industry leaders and professionals must now navigate this political uncertainty to determine the future direction of their energy strategies.
